London: Switzerland's biggest bank UBS has announced that it is to axe 10,000 jobs worldwide as it reduces its investment banking activities.
The bank said it is ‘likely to have a headcount of around 54,000’ by 2015, down from its current 64,000 employees in 57 countries.
In what it called ‘a significant acceleration’ in its transformation, the Zurich-based bank said it would sharpen its focus on the investment bank and appoint a new executive to lead it, the Daily Express reports.
The firm’s chief executive Sergio Ermotti announced the plans on Tuesday as part of the Zurich-based bank's third quarter results.
Ermotti said the investment unit, which has been hit by a series of costly blunders in recent years, will ‘continue to be significant global player in its core businesses’.
According to the report, ahead of the cuts, the value of UBS's stock rose 7.3 percent to close at 13.12 Swiss francs on Monday in the Zurich exchange.
First Published: Tuesday, October 30, 2012, 19:20